0:02 AM, 25th November 2024, About a month ago 8
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Landlords feel they are being “unfairly penalised,” while tenants are being granted too many rights, according to the latest Propertymark Housing Insight Report.
The report reveals the ongoing issue of demand outstripping supply, with many renters struggling with affordability.
Propertymark is urging the government to introduce measures to attract investment in the private rented sector.
According to Propertymark’s September report, 35% of adults reported finding it ‘very or somewhat difficult’ to afford their rent or mortgage payments.
Demand continues to massively outpace supply, with the average number of applicants per member branch still hitting around 10 people for each available property.
A North West agent told Propertymark that landlords leaving the market is a growing concern.
The agent said: “There are not enough properties available to meet the demand and landlords are already considering selling as we get nearer to the Renters’ Rights Bill becoming a reality.
“The general feeling with landlords is that they are being unfairly penalised, and tenants are being given too many rights to the detriment of landlords.”
An agent in the South West echoed those sentiments and said the government must do more to provide investment in the private rented sector.
The agent said: “Landlords are still leaving the sector, and the government is providing no incentives to attract investment hence, we are heading into a housing crisis.”
The average number of new prospective tenants registered per member branch continues to reflect high market demand. Registrations remained steady, with 113 recorded in September 2024, compared to 112 in August 2024.
In September 2024, average UK rents were 8.4% higher than in the same month the previous year and 0.7% higher than in August 2024. The average rent stood at £1,336 in England, £973 in Scotland, and £760 in Wales.
Nathan Emerson, chief executive of Propertymark, said: “Tightened purse strings are being seen across the whole private rented sector.
“The recurring picture of demand far outstripping supply levels is not drastically worsening; however, levels are not improving and will continue to play a huge role in the continuous unaffordable landscape of the sector.
“We really, need to see the UK government provide a clear and supported pathway for the private rented sector to flourish to support current and future landlords.”
In the residential housing market, Propertymark reveals that the interest rate cut to 4.75% motivated many people to sell their properties.
According to Propertymark’s report, the average number of sales agreed per member branch saw further positive progression with 13 homes placed for sale per member branch.
The average number of new prospective buyers registered per member branch saw an uplift in September 2024 to 96 per member branch, representing a two-year high.
The average UK house price increased by £2,076 to £290,000 in September 2024. This remains at around 8 times the average annual gross earnings.
Mr Emerson said: “With interest rates slightly easing and improved mortgage deals coming to the market, we are seeing more people looking to make their next home move as their financial stability and reassurance improves.
“The announcement of Stamp Duty rises in England and Northern Ireland from April 2025 will likely push more people to the market in hopes of completing to, in some cases, save thousands on their next home purchase.
“With more appetite from buyers comes more homes coming onto the market, so we expect to see activity accelerate over the coming months moving into 2025.”
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Whiteskifreak Surrey
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Sign Up9:39 AM, 25th November 2024, About a month ago
Landlords do not feel "unfairly treated". They feel hated, villified and trateated as a public enemy No. 1 by the government and almost everyone else.
The Cons started the war against private Landlords, and even "Boris the landlords friend" (as he was called here 🤣🤣🤣) did nothing to mitigate. Liebour is fighting landlords with a full force of ideological hatred.
Northernpleb
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Sign Up10:07 AM, 25th November 2024, About a month ago
Could not agree more Whiteskifreak , I cannot see why anyone would now invest in the PRS as an individual.
Look at all the Press reports about the plight of Farmers who actually took to the streets and got heard . Obviously they provide food.
Yet for Private Landlords who are providing Housing and Homes to millions of people there is no Press reports, or opposition about our and our tenants Plight.
The Housing crisis caused by Governments Policies is completely over looked .
Cider Drinker
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Sign Up11:42 AM, 25th November 2024, About a month ago
The government have caused a housing crisis by allowing millions of new renters to invade the country.
They use landlords to deflect blame from their abject failure to adequately protect its citizens.
SCP
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Sign Up18:26 PM, 25th November 2024, About a month ago
Reply to the comment left by Cider Drinker at 25/11/2024 - 11:42
Perhaps, the new renters (approximately,300,000 per year) are needed if out of our citizens, 3 million are unemployed and 3 million are sick. We should analyse why our citizens are as they are.
Godfrey Jones
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Sign Up10:34 AM, 26th November 2024, About 4 weeks ago
This must be as clear to our Government as it is to us. The question I ask myself is WHY? Why are they doing this? Are they so blind to see 99% of Landlords, like farmers, are just good people who love the service they provide and just want to be able to make an honest profit without incumbent legislation and having to register on a national database for the privilege. Yes there are 1% of bad landlords just as there are wealthy people abusing the inheritance tax on farms. In both cases leave the good guys alone and concentrate on the perpetrators - which if I'm allowed to say, in both cases, appears to involve many of our overseas friends.
Fed Up Landlord
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Sign Up11:07 AM, 26th November 2024, About 4 weeks ago
Unfairly treated? I don't think so.
Being unable to claim all their finance costs back, paying tax on profits they haven't earned, being regulated to within an inch of their lives, having their heads stuck on spikes outside the Tower of London.
Nothing unfair about that.
Northernpleb
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Sign Up12:11 PM, 26th November 2024, About 4 weeks ago
Reply to Godfrey ,
All of us are asking the same question The System was working well Rents were reasonable due to plenty of choice to rent. As Intended by the Government of the time.
Alexandru Apetri
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Sign Up12:34 PM, 26th November 2024, About 4 weeks ago
Reply to the comment left by Godfrey Jones at 26/11/2024 - 10:34
The response is simple. Because the people are not united, why landlords doesn't join the farmers right now? Because the inheritance tax is not landlord's problem. Until people won't understand they should act together nothing will change.